Revenues were $2.7 billion in the fourth quarter, $9.5 billion in 2021
The operating margin was 4.5% in the fourth quarter, 5.4% in 2021
Segment operating margin1 was 6.0% in the fourth quarter, 7.2% in 2021
Diluted earnings per share were $2.99 in the fourth quarter, $13.50 in 2021
Pension adjusted diluted earnings per share1 were $2.84 in the fourth quarter, $13.03 in 2021
NEWPORT NEWS, VA (STL.News) Huntington Ingalls Industries (NYSE: HII) reported fourth-quarter 2021 revenues of $2.7 billion, down 2.9% from the fourth quarter of 2020. Operating income in the fourth quarter of 2021 was $120 million and operating margin was 4.5%, compared to $305 million and 11.1%, respectively, in the fourth quarter of 2020. Diluted earnings per share in the quarter was $2.99, compared to $6.15 in the fourth quarter of 2020. Pension-adjusted earnings per share1 in the quarter was $2.84, compared to $4.35 in the fourth quarter of 2020.
For the full year, revenues of $9.5 billion increased 1.7% over 2020. Operating income in 2021 was $513 million and operating margin was 5.4%, compared to $799 million and 8.5%, respectively, in 2020. Segment operating income1 in 2021 was $683 million and segment operating margin1 was 7.2%, compared to $555 million and 5.9%, respectively, in 2020. Diluted earnings per share for the full year were $13.50, compared to $17.14 in 2020. Pension adjusted earnings per share1 in 2021 was $13.03, compared to $10.00 in 2020.
Net cash provided by operating activities in 2021 was $760 million and free cash flow1 was $449 million, compared to $1.1 billion and $757 million, respectively, in 2020.
New contract awards in the fourth quarter of 2021 were approximately $1.0 billion, bringing the total backlog to approximately $48.5 billion as of Dec. 31, 2021.
1 – Non-GAAP measures. See Exhibit B for definitions and reconciliations. Reconciliations of forward–looking GAAP and non–GAAP measures are not provided because we are unable to provide such reconciliations without unreasonable effort due to the uncertainty and inherent difficulty of predicting the future occurrence and financial impact of certain elements of GAAP and non–GAAP measures.
2 – Free cash flow outlook assumes the legislation requiring capitalization of R&D expenditures for tax purposes is deferred. See Exhibit B for additional information.
“We are pleased with another year of consistent program execution in the face of a challenging operational environment on multiple fronts,” said Mike Petters, HII’s president, and CEO. “Over the course of 2021 we completed transformational changes in our Technical Solutions division, and we believe we have positioned the enterprise for sustainable, long-term value creation as we move forward.”
NOTE: This is NOT the complete release. Visit HII website for complete details.
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